Claims development
The table below illustrates the development of the estimate of cumulative claims for Syndicate 2001 after the end of the underwriting year, illustrating how amounts estimated have changed from the first estimate made.

Gross basis Underwriting Year	2001 £m	2002 £m	2003 £m	2004 £m	2005 £m
Estimate of cumulative claims:	667.9	495.5	554.5	675.2	931.2
At end of underwriting year	605.9	399.1	441.1	665.7
One year later	600.1	354.9	375.1
Two years later	603.8	343.1
Three years later	605.7
Four years later
Cumulative payments	477.3	254.8	237.0	335.4	153.5
Estimated balance to pay	128.4	88.3	138.1	330.3	777.7

Net basis Underwriting Year	2001 £m	2002 £m	2003 £m	2004 £m	2005 £m
Estimate of cumulative claims:	411.0	445.1	489.9	542.6	575.3
At end of underwriting year	398.3	369.2	388.9	493.4
One year later	388.3	324.5	331.8
Two years later	381.9	311.4
Three years later	380.9
Four years later
Cumulative payments	275.4	208.3	195.0	226.9	90.4
Estimated balance to pay	105.5	103.1	136.8	266.5	484.9